Avoid Scams
We are celebrating National Elder Law Month throughout the entire month of May. We started with Partner Lisa Valente’s podcast from My Hometown Radio Show. The next week we looked at how Jay Leno is handling the challenges of caring for a wife suffering from dementia, and how planning ahead would have helped him. Last week we discussed the importance of Advance Directives such as Powers of Attorney and Health Care Proxies. This week we are highlighting common scams to watch out for which typically target older adults.
Top 5 Scams Targeting Older Adults
Unfortunately, seniors are often the target of financial scammers. The National Council on Aging recently released the top 5 most common scams. Don’t fall for any of these!
1. The Grandparent Scam: where scammers pretend to be a grandchild calling for help. The scammers ask for money – often via gift cards or wire transfers. Unfortunately, artificial intelligence (AI) is enabling con artists to clone real voices of real relatives and use them for a scam.
2. Financial Services Scam: where messages appear to come from a bank, mortgage company or collection agency. Scammers may claim that a bank account has been compromised and ask for personal information, such as password or social security number to secure it. (Do NOT ever give passwords or social security information on the phone).
3. Tech Support Scam: where fraudsters pretend to be tech support and ask to log onto your computer remotely. This is one of the most popular scams.
4. Government Impersonation Scam: where callers pretend to be from the IRS, Social Security Administration, or Medicare. They might claim that you have unpaid taxes, or that your benefits will be cut off unless you provide personal information.
5. Romance Scams: where scammers create false social media profiles and use them to create a relationship with someone in order to gain their trust, and then steal their money. Scammers may ask for payment for travel, visas, or medical emergencies.
Other Scams to Watch Out For
Other common scams to be aware of include: sweepstakes and lottery scams, robocalls and phone scams, investment scams, business imposter scams, internet and e-mail fraud, and Medicare and health insurance scams.
If you think you have been scammed: contact your local police and your bank. Cancel credit cards that may have been affected. You can also report scams online to the Federal Trade Commission by clicking here.
The information provided herein does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available here are for general informational purposes only.
